EXIM Bank releases Rs5.5b loan for Metro Train
LAHORE—EXIM Bank of China has released first installment of loan for Lahore Orange Line Metro Train Project and has transferred a sum of Rs. 5.5 billion into the account CRNORINCO, the Chinese contractor of the project.
Kh. Ahmad Hassan, chairman of the steering committee, constituted by the Chief Minister Punjab Shahbaz Sharif for LOMTP, disclosed this while chairing a meeting on Wednesday to review the ongoing progress on the project.
He informed that on its inauguration, the train will provide a safe, efficient and economic mode of transport initially to 300,000 passengers daily through the densely populated and busy commercial areas of the provincial metropolis and the ridership will increase to 500,000 daily within next three years. The meeting was told that civil work was being executed as per the fixed timelines and so far about 30 per cent of the civil work of the project has been completed.